An aggregate supply curve represents the relationship between the ________.
A. price level that producers are willing to accept and the price level buyers are willing to pay
B. price level and the buying of real domestic output
C. real domestic output bought and the real domestic output sold
D. price level and the production of real domestic output
Answer: D
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Briefly define real and potential GDP, and explain the relationship between real GDP and potential GDP. How can we measure potential GDP?
What will be an ideal response?
In the above figure, what are the equilibrium price and quantity?
A) $40 and 200 units B) $50 and 100 units C) $10 and 200 units D) $30 and 100 units
If a bookstore were having a half-price sale, instead of buying three books, you bought six. Because of the sale, your consumer surplus
A. declined. B. stayed the same. C. rose. D. doubled.
Liquidity is the ease with which an asset can be converted into the economy’s medium of exchange.
Answer the following statement true (T) or false (F)